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Expense Ratioas of 08/31/2017

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2019. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

YTD

1-YR

3-YR

5-YR

10-YR

Since Inception 06/15/2015

w/o sales charge

5.54%

1.18%

-

-

-

3.54%

Lipper Category Avg. High Yield Municipal Debt Funds

6.58%

0.90%

-

-

-

-

50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr

4.42%

-1.11%

-

-

-

0.58%

w/ sales charge

3.17%

-1.10%

-

-

-

2.47%

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

YTD

1-YR

3-YR

5-YR

10-YR

Since Inception 06/15/2015

w/o sales charge

3.85%

0.30%

-

-

-

3.02%

Lipper Category Avg. High Yield Municipal Debt Funds

4.78%

-0.25%

-

-

-

-

50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr

2.84%

-2.13%

-

-

-

-0.12%

w/ sales charge

1.52%

-1.97%

-

-

-

1.87%

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

RELATED CONTENT

Following a challenging fourth quarter in 2016, muni performance and mutual fund flows have been improving.

Sector

Assets

IDR/PCR

Healthcare/Hospital

GO Local

Education

Special Tax

Transportation

GO State

Power

Lease

Pre-Refunded

Water & Sewer

Housing

VRDN

Other

Resource Recovery

The Fund's portfolio is actively managed and is subject to change.

Maturity

Assets

<1 Year

1-4.99 Years

5-9.99 Years

10-14.99 Years

15-19.99 Years

20-24.99 Years

25-29.99 Years

>30 Years

The Fund's portfolio is actively managed and is subject to change.

CREDIT QUALITY DISTRIBUTION as of 08/31/2017

Rating

Assets

A-1/MIG1

A-2/MIG2

AA

A

BBB

BB

B

< B

Not Rated

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Dividend Yield
1
as of
09/25/2017

30-Day Standardized Yield
2
as of
08/31/2017

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

YTD

1-YR

3-YR

5-YR

10-YR

Since Inception 06/15/2015

w/o sales charge

5.54%

1.18%

-

-

-

3.54%

Lipper Category Avg. High Yield Municipal Debt Funds

6.58%

0.90%

-

-

-

-

50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr

4.42%

-1.11%

-

-

-

0.58%

w/ sales charge

3.17%

-1.10%

-

-

-

2.47%

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

YTD

1-YR

3-YR

5-YR

10-YR

Since Inception 06/15/2015

w/o sales charge

3.85%

0.30%

-

-

-

3.02%

Lipper Category Avg. High Yield Municipal Debt Funds

4.78%

-0.25%

-

-

-

-

50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr

2.84%

-2.13%

-

-

-

-0.12%

w/ sales charge

1.52%

-1.97%

-

-

-

1.87%

Fund Expense Ratio :

Gross 0.93%

Net 0.55%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Year

Fund Returns

50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr

2016

-0.20%

-2.42%

2015

2.53%

0.37%

Year

Q1

Q2

Q3

Q4

Yearly Returns

2017

2.06%

1.75%

-

-

5.53%

2016

1.41%

1.90%

0.69%

-4.08%

-0.20%

2015

-

-

1.08%

1.81%

2.53%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date

Net Asset Value

Portfolio

Portfolio

Sector

Assets

IDR/PCR

Healthcare/Hospital

GO Local

Education

Special Tax

Transportation

GO State

Power

Lease

Pre-Refunded

Water & Sewer

Housing

VRDN

Other

Resource Recovery

The Fund's portfolio is actively managed and is subject to change.

Maturity

Assets

<1 Year

1-4.99 Years

5-9.99 Years

10-14.99 Years

15-19.99 Years

20-24.99 Years

25-29.99 Years

>30 Years

The Fund's portfolio is actively managed and is subject to change.

State

Assets

IL

NY

TX

NJ

PA

OH

CA

CO

MA

MD

IA

Puerto Rico

WI

GA

FL

TN

NC

AZ

AL

ID

IN

KY

MN

CT

MI

MS

SC

LA

MO

NM

WA

NE

RI

VA

SD

OK

OR

ME

NH

UT

KS

HI

NV

Other U.S. Territories

The Fund's portfolio is actively managed and is subject to change.

CREDIT QUALITY DISTRIBUTION as of 08/31/2017

Rating

Assets

A-1/MIG1

A-2/MIG2

AA

A

BBB

BB

B

< B

Not Rated

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Positioningas of 06/30/2017

The portfolio is underweight bonds with maturities of 1- to 3-years, relative to its benchmark, a 50%/50% blend of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays High Yield Municipal 1-8 Year Index.

The portfolio is overweight lower-tiered investment-grade bonds with ‘A’ and ‘BBB’ ratings due to relatively attractive spreads and improved liquidity compared to lower-rated bonds.

The portfolio is overweight revenue bonds, specifically in the health care and industrial development sectors, given their dedicated revenue streams and favorable return prospects.

Portfolio Details
as of 08/31/2017

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding

Coupon

Maturity

Assets

Buckeye Tobacco Settlement Fin Auth

5.125%

06/01/2024

2.4%

New York State Transportation Dev Corp - American Airllines

5.000%

08/01/2026

2.1%

Iowa Finance Auth - Iowa Fertilizer Co

5.000%

12/01/2019

1.9%

NJ Tobacco Settlement Fin Corp

4.625%

06/01/2026

1.1%

City of Chicago General Obligation

5.000%

01/01/2024

1.0%

TN Energy Acquistion Corp - Goldman Sachs

5.250%

09/01/2022

1.0%

North Carolina State Turnpike Authority

5.000%

01/01/2024

0.9%

Lowndes County Solid Waste - Weyerhaeuser Corp

6.800%

04/01/2022

0.9%

Westchester Tobacco Asset Securitization Corp

5.000%

06/01/2022

0.8%

Cuyahoga County Hospital - Metrohealth System

5.000%

02/15/2023

0.8%

% of Total Assets

12.9%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

HOLDINGS as of07/31/2017

Holding

Coupon

Maturity

Assets

New York State Transportation Dev Corp - American Airllines

5.000%

08/01/2026

2.3%

Buckeye Tobacco Settlement Fin Auth

5.125%

06/01/2024

2.3%

Iowa Finance Auth - Iowa Fertilizer Co

5.000%

12/01/2019

2.0%

NJ Tobacco Settlement Fin Corp

4.625%

06/01/2026

1.1%

TN Energy Acquistion Corp - Goldman Sachs

5.250%

09/01/2022

1.0%

North Carolina State Turnpike Authority

5.000%

01/01/2024

0.9%

Lowndes County Solid Waste - Weyerhaeuser Corp

6.800%

04/01/2022

0.9%

City of Chicago General Obligation

5.000%

01/01/2024

0.9%

Westchester Tobacco Asset Securitization Corp

5.000%

06/01/2022

0.9%

Cuyahoga County Hospital - Metrohealth System

5.000%

02/15/2023

0.9%

Public Auth For CO Energy

6.125%

11/15/2023

0.8%

Plaza Metropolitan Dist No 1

5.000%

12/01/2018

0.8%

Nez Perce County - Potlatch Corporation

2.750%

10/01/2024

0.8%

Denver City & County Airport Special Facs ¿ United Airlines

5.250%

10/01/2032

0.8%

Montgomery Cnty Indus Dev Auth, PA

2.700%

10/01/2034

0.8%

Maryland Eco Dev Corp - CNX Marine Terminals

5.750%

09/01/2025

0.7%

Jefferson County Sewer

5.000%

10/01/2021

0.7%

City of New Haven General Obligation

5.000%

08/15/2020

0.7%

Guadalupe Regional Medical Center

5.000%

12/01/2023

0.7%

New York Transp Dev Corp.

5.000%

08/01/2021

0.7%

Texas Municipal Gas Acquistion & Supply Corp.

5.250%

12/15/2022

0.7%

Iowa Finance Auth - Iowa Fertilizer Co

5.250%

12/01/2025

0.7%

Whiting, IN

5.000%

11/01/2045

0.7%

NJ Eco Dev Auth - Continental Airlines

4.875%

09/15/2019

0.7%

Tennessee Energy Acquisition Corp.

5.000%

02/01/2022

0.7%

South Carolina St Pub Svc Auth

5.000%

12/01/2023

0.7%

Illinois, IL

5.000%

02/01/2020

0.7%

Pennsylvania Hsg Fin Agy

4.000%

04/01/2039

0.6%

TX Muni Gas Acquisition & Supply Corp

5.000%

12/15/2021

0.6%

Kentucky St Prop & Bldg Comm

5.000%

11/01/2024

0.6%

New York Transp Dev Corp.

5.000%

08/01/2019

0.6%

California Statewide - Loma Linda Univ Medical Center

5.000%

12/01/2025

0.6%

Michigan Tobacco Settlement Fin Auth

5.125%

06/01/2022

0.6%

Pub Fin Auth

5.000%

12/01/2025

0.6%

New York City Indl Dev Agy

5.000%

07/01/2022

0.6%

Cleveland, OH

5.000%

01/01/2029

0.6%

Metropolitan Pier & Exposition Auth, IL

5.000%

12/15/2022

0.6%

Niagara Area Dev Corp - Covanta Energy

4.000%

11/01/2024

0.6%

Idaho Health Facilities Auth - Madison Memorial Hospital

5.000%

09/01/2021

0.6%

Montgomery Cnty Hsg Opportunities Comm Hsg Rev

4.000%

07/01/2048

0.6%

RI Health & Edu Building Corp ¿ Care New England Health

5.000%

09/01/2020

0.6%

North Carolina Hsg Fin Agy

4.000%

07/01/2047

0.6%

Main Street Natural Gas, Inc.

5.000%

03/15/2022

0.6%

Illinois Finance Authority - Presence Health

5.000%

02/15/2020

0.6%

Houston, TX

5.000%

07/15/2020

0.6%

Regl Transp Dist

5.375%

07/15/2025

0.5%

Buckeye Tobacco Settlement Fin Auth

5.375%

06/01/2024

0.5%

New Jersey Econ Dev Auth

5.000%

06/15/2022

0.5%

Chicago, IL

5.000%

01/01/2024

0.5%

Metropolitan Pier & Exposition Auth, IL

5.000%

12/15/2022

0.5%

California Cnty Tobacco Securitization Agy

5.450%

06/01/2028

0.5%

Chester Cnty Indus Dev Auth

3.700%

10/15/2022

0.5%

Atlanta Dev Auth

6.000%

01/01/2023

0.5%

Prince William Cnty Indus Dev Auth

4.000%

01/01/2021

0.5%

New York Transp Dev Corp.

5.000%

01/01/2022

0.5%

Philadelphia School District

6.000%

09/01/2038

0.5%

Florida Development Fin Corp - Florida Charter Foundation

4.000%

07/15/2026

0.5%

Massachusetts Dev Fin Agy

5.000%

07/01/2022

0.5%

Massachusetts Dev Fin Agy

5.000%

07/01/2023

0.5%

Texas Muni Gas Acquisition & Supply Corp.

5.250%

12/15/2018

0.5%

Houston Hgr Ed Fin Corp., TX

6.500%

05/15/2031

0.5%

Kirkwood Indus Dev Auth

5.000%

05/15/2022

0.5%

Edl Enhancement Funding Corp.

5.000%

06/01/2024

0.5%

California Statewide - Eskaton Properties

5.000%

11/15/2021

0.5%

Illinois, IL

5.000%

02/01/2022

0.4%

Massachusetts Port Auth

2.279%

01/01/2031

0.4%

Salem County Pollution Control Fin Auth - Chambers

5.000%

12/01/2023

0.4%

California Muni Fin Auth

4.000%

11/01/2022

0.4%

Chicago, IL

5.250%

01/01/2022

0.4%

Illinois, IL

5.000%

01/01/2020

0.4%

Pub Fin Auth

2.000%

07/01/2029

0.4%

Chicago Brd of Ed

9.000%

03/01/2026

0.4%

Illinois, IL

5.000%

07/01/2021

0.4%

Puerto Rico Aqueduct & Swr Auth

5.000%

07/01/2019

0.4%

Lancaster Cnty Hosp Auth, PA

5.000%

07/01/2023

0.4%

Chicago Brd of Ed

1.650%

03/01/2036

0.4%

Rochester, MN

5.000%

12/01/2025

0.4%

Northern Palm Beach Cnty Impt Dist

3.250%

08/01/2022

0.4%

New Mexico Muni Energy Acquisition Auth

1.575%

11/01/2039

0.4%

Port Auth of New York & New Jersey

5.000%

12/01/2020

0.4%

Dorm Auth of the St of New York

3.000%

09/01/2019

0.4%

California Statewide Comntys Dev Auth

5.750%

07/01/2024

0.4%

Pub Fin Auth

5.000%

07/01/2022

0.4%

St. Paul Hsg & Redev Auth, MN

5.250%

11/15/2028

0.4%

Louisiana Local Govt Envr Facs Comnty Dev Auth

6.500%

11/01/2035

0.4%

Cook Cnty, IL

5.250%

11/15/2022

0.4%

Illinois, IL

5.000%

03/01/2021

0.4%

Ohio Air Quality Development Auth - Firstenergy

3.000%

05/15/2019

0.3%

Maryland Hlth & Hgr Ed Facs Auth

5.000%

01/01/2021

0.3%

Arizona Indus Dev Auth

4.000%

07/01/2019

0.3%

Atlantic City, NJ

5.000%

03/01/2021

0.3%

Pub Fin Auth

4.000%

06/01/2020

0.3%

Pima Cnty Indus Dev Auth, AZ

4.950%

10/01/2020

0.3%

Chicago, IL

5.000%

12/01/2019

0.3%

Howard Cnty, MD

5.000%

04/01/2021

0.3%

New Hope Cultural Ed Fin Corp, TX

4.000%

11/15/2021

0.3%

Puerto Rico Sales Tax Fincg Corp

5.000%

08/01/2021

0.3%

Illinois Fin Auth

5.000%

09/01/2022

0.3%

Plymouth Edl Ctr Charter Sch, MI

5.125%

11/01/2018

0.3%

Ashland, KY

5.000%

02/01/2022

0.3%

Puerto Rico

4.500%

07/01/2023

0.3%

Houston Hgr Ed Fin Corp., TX

4.000%

02/15/2022

0.3%

Illinois, IL

5.000%

07/01/2020

0.3%

Illinois, IL

4.000%

07/01/2018

0.3%

St of Alabama Docks Department

5.000%

10/01/2023

0.3%

Central Plains Energy - Goldman Sachs

5.250%

12/01/2021

0.3%

Pennsylvania Econ Dev Fing Auth

5.000%

12/31/2025

0.3%

Houston Hgr Ed Fin Corp., TX

5.875%

05/15/2021

0.3%

California Statewide - Beverly

4.000%

02/01/2021

0.3%

Philadelphia Sch Dist, PA

5.000%

09/01/2020

0.3%

Dorm Auth of the St of New York

5.000%

05/01/2021

0.3%

New Hope Cultural Ed Fin Corp, TX

3.000%

07/01/2020

0.3%

Puerto Rico Elec Pwr Auth

5.000%

07/01/2019

0.3%

Massachusetts Dev Fin Agy

5.000%

01/01/2024

0.3%

Illinois, IL

5.000%

04/01/2020

0.3%

Chicago Brd of Ed

5.250%

12/01/2026

0.3%

Miami Beach Hlth Facs Auth

5.000%

11/15/2022

0.3%

Foothill Eastern Transportation Corridor Agency

5.500%

01/15/2053

0.3%

Dorm Auth of the St of New York

5.000%

12/01/2022

0.3%

Indiana Fin Auth

6.000%

12/01/2026

0.3%

Wisconsin Public Finance Authority - Celanese

5.000%

01/01/2024

0.3%

NY Transportation Development Corp - Terminal One Assn

5.000%

01/01/2021

0.3%

New Jersey Econ Dev Auth

5.125%

09/15/2023

0.3%

Ohio Wtr Dev Auth

4.375%

06/01/2033

0.3%

Colorado Hlth Facs Auth

5.000%

05/15/2021

0.3%

Illinois Fin Auth

3.250%

02/15/2022

0.3%

ME Hlth & Higher Ed - MaineGeneral Hlth

7.500%

07/01/2032

0.3%

NJ Eco Dev Auth - Cigarette Tax

5.000%

06/15/2021

0.3%

Florida Hgr Edl Facs Fin Auth

6.000%

04/01/2026

0.3%

Gaithersburg, MD

6.000%

01/01/2023

0.3%

California State Pub Wks Bd

5.000%

12/01/2019

0.3%

California Muni Fin Auth

5.000%

11/01/2023

0.3%

Main Street Natural Gas, Inc.

5.000%

03/15/2019

0.3%

Scranton Redev Auth

5.000%

11/15/2021

0.3%

Regl Transp Dist

6.000%

01/15/2026

0.3%

California Statewide Comntys Dev Auth

2.625%

11/01/2033

0.3%

Yamhill Cnty Hosp Auth

4.000%

11/15/2026

0.3%

Village Comnty Dev Dist No. 12

2.875%

05/01/2021

0.3%

Maryland Econ Dev Corp.

5.125%

06/01/2020

0.3%

Illinois, IL

5.000%

08/01/2021

0.3%

Tennessee Energy Acquisition Corp.

5.250%

09/01/2021

0.3%

New Jersey Hlthcare Facs Fing Auth

5.000%

07/01/2024

0.3%

Casino Reinvestment Dev Auth, NJ

5.000%

11/01/2020

0.3%

Tarrant Cnty Cult Ed Facs Fin Corp, TX

4.500%

11/15/2021

0.3%

TN Energy Acquistion Corp - Goldman Sachs

5.000%

02/01/2020

0.3%

Farmington, NM

2.125%

06/01/2040

0.3%

Maricopa Cnty Indus Dev Auth, AZ

2.875%

07/01/2021

0.3%

California Sch Fin Auth

6.000%

01/01/2019

0.3%

Washington St Hsg Fin Comm

3.200%

07/01/2021

0.3%

Illinois, IL

5.250%

01/01/2020

0.3%

Red River Auth, TX

4.450%

06/01/2020

0.3%

Allentown Neighborhood Impt Zone Dev Auth

5.000%

05/01/2022

0.3%

New York City Indl Dev Agy

2.453%

03/01/2021

0.2%

St Charles Parish, LA

4.000%

12/01/2040

0.2%

Greater Wenatchee Regl Events Center Pub Facs Dist

4.125%

09/01/2021

0.2%

Houston Airport - Continental Airlines

4.500%

07/01/2020

0.2%

Chicago, IL

4.500%

01/01/2020

0.2%

Beaver County Indus Dev Auth - FirstEnergy

2.700%

04/01/2035

0.2%

Massachusetts Dev Fin Agy

5.000%

07/01/2022

0.2%

NJ Eco Dev Auth - Transportation

5.000%

05/01/2019

0.2%

Alabama Indl Dev Auth

6.450%

12/01/2023

0.2%

Trustees of the Tulsa Muni Arpt Tr, OK

5.000%

06/01/2035

0.2%

Southeastern Ohio Port Auth

5.000%

12/01/2022

0.2%

Chicago, IL

5.000%

01/01/2023

0.2%

Westchester Cnty Hlthcare Corp., NY

5.000%

11/01/2022

0.2%

Massachusetts Dev Fin Agy

5.000%

10/01/2017

0.2%

Tarrant Cnty Cult Ed Facs Fin Corp, TX

3.875%

11/15/2022

0.2%

North Carolina Medical Care Comm

5.000%

10/01/2021

0.2%

Illinois, IL

5.000%

04/01/2020

0.2%

New Hampshire Hlth & Ed Facs Auth

3.500%

07/01/2022

0.2%

Kirkwood Indus Dev Auth

8.000%

05/15/2021

0.2%

Chicago Water Fund

4.250%

11/01/2018

0.2%

Metropolitan Pier & Exposition Auth, IL

0.000%

06/15/2018

0.2%

Casino Reinvestment Dev Auth, NJ

5.000%

11/01/2022

0.2%

Nassau Cnty Tobacco Settlement Corp.

5.250%

06/01/2026

0.2%

New Rochelle Local Dev Corp, NY

5.000%

07/01/2023

0.2%

Celebration Pointe Comnty Dev Dist

4.000%

05/01/2022

0.2%

Central Plains Energy Pj

5.000%

09/01/2019

0.2%

Howard Cnty, MD

5.000%

04/01/2021

0.2%

Pennsylvania Econ Dev Fing Auth

5.000%

06/30/2019

0.2%

Illinois, IL

5.000%

08/01/2019

0.2%

Puerto Rico Elec Pwr Auth

4.000%

07/01/2018

0.2%

Garden State Pres Tr, NJ

5.000%

11/01/2021

0.2%

Onondaga Cnty Indus Dev Agy, NY

5.750%

03/01/2024

0.2%

Kentucky Econ Dev Fin Auth

5.000%

06/01/2022

0.2%

New Jersey Econ Dev Auth

4.000%

01/01/2020

0.2%

Indianapolis Local Pub Impt Bnd Bank

5.000%

01/01/2023

0.2%

Chicago Brd of Ed

5.000%

12/01/2019

0.2%

Chicago Brd of Ed

5.000%

12/01/2019

0.2%

Love Field Arpt Modernization Corp., TX

5.000%

11/01/2022

0.2%

Texas Muni Gas Acquisition & Supply Corp.

5.250%

12/15/2020

0.2%

Cook Cnty, IL

5.000%

11/15/2022

0.2%

Olmos Park Hi Ed - Univ of the Incarnate Word

5.000%

12/01/2021

0.2%

Brazos Harbor Indus Dev Corp, TX

5.900%

05/01/2038

0.2%

Philadelphia Sch Dist, PA

4.000%

09/01/2018

0.2%

Massachusetts Dev Fin Agy

5.500%

01/01/2030

0.2%

Genesis Hlthcare Sys, OH

5.000%

02/15/2021

0.2%

Cook Cnty, IL

5.000%

11/15/2018

0.2%

Chicago, IL

5.000%

01/01/2021

0.2%

Chicago Brd of Ed

5.250%

12/01/2024

0.2%

Chicago Waterworks

5.000%

11/01/2020

0.2%

New York City Indl Dev Agy

2.513%

03/01/2026

0.2%

Arizona Hlth Facs Auth

5.100%

10/01/2022

0.1%

Troy Capital Resources Corp., NY

5.000%

08/01/2021

0.1%

City of Blaine, MN

5.125%

07/01/2025

0.1%

Florida Dev Fin Corp.

7.625%

06/15/2041

0.1%

New Jersey Econ Dev Auth

5.000%

09/01/2020

0.1%

Metropolitan Pier & Exposition Auth, IL

5.500%

12/15/2023

0.1%

Inland Empire Tobacco Securitization Auth

5.750%

06/01/2026

0.1%

Palomar Hlth

5.000%

11/01/2021

0.1%

New Jersey Econ Dev Auth

5.000%

06/15/2023

0.1%

Beaver Cnty Indl Dev Auth, PA

3.500%

12/01/2035

0.1%

Guadalupe Regional Medical Center

5.000%

12/01/2022

0.1%

Atlantic City, NJ

5.000%

03/01/2022

0.1%

Build NYC Resource Corp., NY

4.500%

01/01/2025

0.1%

Detroit, MI

5.000%

07/01/2022

0.1%

Houston Airport - Continental Airlines

5.000%

07/01/2029

0.1%

Denver Hlth and Hosp Auth, CO

1.905%

12/01/2033

0.1%

New Jersey Transp Tr Fnd Auth

5.250%

12/15/2019

0.1%

Inland Empire Tobacco Securitization Auth

5.000%

06/01/2021

0.1%

Philadelphia Sch Dist, PA

5.250%

09/01/2027

0.1%

Dorm Auth of the St of New York

4.000%

05/01/2022

0.1%

Marietta Dev Auth

7.000%

06/15/2039

0.1%

Beaver Cnty Indl Dev Auth, PA

4.375%

01/01/2035

0.1%

Pennsylvania Econ Dev Fing Auth

5.000%

12/31/2018

0.1%

Jefferson Cnty, AL

5.000%

10/01/2018

0.1%

Scranton Redev Auth

5.000%

11/15/2028

0.1%

California Statewide Comntys Dev Auth

5.000%

10/01/2020

0.1%

Tulsa Cnty Indus Auth

5.000%

11/15/2023

0.1%

Phoenix Indus Dev Auth, AZ

3.000%

07/01/2020

0.1%

Colorado Hlth Facs Auth

4.000%

01/01/2020

0.1%

Massachusetts Hlth & Edl Facs Auth

5.000%

07/01/2021

0.1%

Arlington Higher Ed Fin Corp., TX

4.375%

08/15/2026

0.1%

Central Texas Regl Mobility Auth, TX

5.000%

01/01/2018

0.1%

Municipal Elec Auth of Georgia

5.250%

01/01/2021

0.1%

New York City General Obligation

0.780%

11/01/2026

0.1%

Illinois, IL

5.000%

01/01/2018

0.1%

New York St Energy Rsch & Dev Auth

2.375%

07/01/2026

0.1%

New Jersey Hlthcare Facs Fing Auth

5.000%

07/01/2021

0.1%

Massachusetts Port Auth

5.000%

01/01/2027

0.1%

Richland Cnty, SC

3.875%

04/01/2023

0.1%

Alameda Corridor Transp Auth

5.000%

10/01/2022

0.1%

Puerto Rico Hwy & Transp Auth

4.000%

07/01/2020

0.1%

Philadelphia Gas Works

5.000%

08/01/2021

0.1%

Dorm Auth of the St of New York

5.000%

12/01/2022

0.1%

New Hope Cultural Ed Fin Corp, TX

5.000%

07/01/2023

0.1%

Salt Verde Financial Corp.

5.250%

12/01/2023

0.1%

Antelope Valley Hlthcare Dist

5.000%

03/01/2021

0.1%

New Jersey Econ Dev Auth

5.500%

09/01/2021

0.1%

Mesquite Hlth Facs Dev Corp., TX

5.000%

02/15/2020

0.1%

Indus Dev Auth of the Twn of Florence, Inc., AZ

5.000%

07/01/2023

0.1%

New Jersey Econ Dev Auth

5.000%

12/15/2019

0.1%

Cook Cnty, IL

5.000%

11/15/2018

0.1%

Chicago Brd of Ed

5.250%

12/01/2023

0.1%

New Jersey Econ Dev Auth

4.375%

01/01/2024

0.1%

Yonkers Econ Dev Corp., NY

6.000%

10/15/2030

0.1%

Massachusetts Hlth & Edl Facs Auth

4.750%

07/01/2023

0.1%

Overland Park Dev Corp

5.125%

01/01/2022

0.1%

Gulf Coast Waste Disp Auth, TX

5.750%

09/01/2017

0.1%

Dorm Auth of the St of New York

5.000%

09/01/2017

0.1%

Chicago Brd of Ed

5.000%

12/01/2017

0.1%

Connecticut Hlth & Educl Facs Auth

3.250%

09/01/2021

0.1%

Connecticut Hlth & Educl Facs Auth

2.875%

09/01/2020

0.1%

New York City Municipal Water Finance Authority

0.780%

06/15/2032

0.1%

Hartford, CT

2.125%

07/15/2018

0.1%

Alachua Cnty, FL

5.625%

11/15/2022

0.1%

LA Environmental Facs - Westlake Chemical

6.500%

08/01/2029

0.1%

New Jersey Edl Facs Auth

5.000%

07/01/2022

0.1%

Pennsylvania St Pub Sch Bldg Auth

5.000%

04/01/2018

0.1%

Puerto Rico Elec Pwr Auth

4.250%

07/01/2020

0.1%

Salt Verde Financial Corp.

5.250%

12/01/2020

0.1%

Dorm Auth of the St of New York

5.000%

05/01/2024

0.1%

Philadelphia, PA

5.250%

06/15/2022

0.1%

Philadelphia Hosp & Hgr Ed Fac Auth, PA

5.500%

07/01/2030

0.1%

Philadelphia Hosp & Hgr Ed Fac Auth, PA

5.000%

07/01/2022

0.1%

New Jersey Econ Dev Auth

5.250%

01/01/2025

0.1%

Chicago, IL

4.000%

01/01/2019

0.1%

Alameda Corridor Transp Auth

5.000%

10/01/2024

0.1%

Massachusetts Hlth & Edl Facs Auth

5.000%

07/01/2022

0.1%

Texas Muni Gas Acquisition & Supply Corp. III

5.000%

12/15/2022

0.1%

Hawaii St Dept of Budget & Fin

6.500%

07/01/2039

0.1%

Miami Beach Hlth Facs Auth

5.000%

11/15/2022

0.1%

Oakland Unif Sch Dist, CA

5.000%

08/01/2020

0.1%

Phoenix Indus Dev Auth, AZ

3.000%

07/01/2020

0.1%

Chicago, IL

5.000%

01/01/2022

0.1%

Puerto Rico

5.500%

07/01/2019

0.1%

South Jersey Transp Auth, NJ

4.000%

11/01/2019

0.1%

Whiting Env Facs - British Petroleum

5.250%

01/01/2021

0.1%

Puerto Rico

4.000%

07/01/2021

0.1%

Miami Beach Hlth Facs Auth

5.000%

11/15/2023

0.1%

Chicago Brd of Ed

4.250%

12/01/2018

0.1%

City of Irvine CA

5.000%

09/02/2021

0.1%

Chicago, IL

4.000%

01/01/2022

0.1%

Philadelphia Sch Dist, PA

4.500%

09/01/2017

0.1%

Florida Dev Fin Corp.

5.000%

06/15/2025

0.1%

New Jersey Bldg Auth

4.000%

06/15/2021

0.1%

Sparks Tourism Improvement District

6.750%

06/15/2028

0.1%

Illinois Fin Auth

5.000%

04/01/2021

0.1%

Alachua Cnty, FL

5.750%

11/15/2026

0.1%

Puerto Rico

5.500%

07/01/2019

0.1%

Jefferson Cnty, AL

4.750%

01/01/2025

0.1%

Puerto Rico Elec Pwr Auth

5.000%

07/01/2024

0.1%

Puerto Rico Elec Pwr Auth

4.100%

07/01/2019

0.1%

New Jersey Bldg Auth

5.000%

12/15/2018

0.1%

Louisiana Loc Govt - Westlake Chemical

6.750%

11/01/2032

0.1%

Dorm Auth of the St of New York

4.000%

11/01/2026

0.1%

Illinois, IL

5.000%

08/01/2017

0.1%

Philadelphia Sch Dist, PA

5.000%

09/01/2021

0.1%

Palm Beach Cnty Hlth Facs Auth, FL

6.750%

06/01/2024

0.1%

Massachusetts Dev Fin Agy

5.125%

07/01/2026

0.1%

Illinois Fin Auth

5.000%

05/15/2025

0.1%

Indiana Fin Auth

6.000%

12/01/2019

0.1%

Ohio Air Quality Auth - Ohio Valley Electric Corp

5.625%

10/01/2019

0.1%

Dorm Auth of the St of New York

3.750%

09/01/2018

0.1%

California Statewide Comntys Dev Auth

5.500%

07/01/2022

0.1%

Floyd Cnty Dev Auth, GA

2.350%

07/01/2022

0.1%

Philadelphia Sch Dist, PA

2.250%

09/01/2017

0.1%

Kentucky Econ Dev Fin Auth

5.000%

06/01/2018

0.1%

Puerto Rico Aqueduct & Swr Auth

6.125%

07/01/2024

0.1%

City of San Clemente, CA

5.000%

09/01/2024

0.1%

California Muni Fin Auth

5.000%

10/01/2023

0.1%

Illinois Fin Auth

7.750%

08/15/2034

0.1%

Illinois Fin Auth

6.250%

05/01/2022

0.1%

New Jersey Hlthcare Facs Fing Auth

5.750%

07/01/2037

0.1%

Illinois Fin Auth

5.000%

09/01/2021

0.1%

Multnomah Cnty Hosp Facs Auth, OR

5.000%

10/01/2024

0.1%

Illinois Fin Auth

6.250%

02/01/2019

0.1%

New York Liberty Dev Corp.

5.150%

11/15/2034

0.1%

St. Paul Hsg & Redev Auth, MN

5.000%

11/15/2025

0.1%

St. Paul Hsg & Redev Auth, MN

5.000%

11/15/2026

0.1%

Virginia Coll Bldg Auth

5.000%

07/01/2022

0.1%

Hartford, CT

4.000%

04/01/2022

0.1%

Philadelphia Sch Dist, PA

5.000%

09/01/2019

0.1%

Illinois Fin Auth

5.000%

09/01/2019

0.1%

St. Paul Hsg & Redev Auth, MN

5.000%

11/15/2019

0.1%

Main Street Natural Gas, Inc.

5.125%

09/15/2017

0.1%

New Jersey Econ Dev Auth

5.500%

04/01/2028

0.1%

Clifton Hgr Ed Fin Corp., TX

4.625%

08/15/2025

0.1%

Greater Orlando Aviation Auth

5.000%

11/15/2026

0.1%

Illinois Fin Auth

7.125%

02/01/2034

0.1%

Dorm Auth of the St of New York

5.000%

12/01/2018

0.1%

Eaton Area Park & Recreation Dist

5.000%

12/01/2018

0.1%

California Muni Fin Auth

5.000%

10/01/2018

0.1%

Cnty of Anne Arundel, MD

6.100%

07/01/2040

0.1%

Washington Co - Cargill

2.375%

09/01/2030

0.1%

King Cnty Public Hosp Dist No 4

5.000%

12/01/2025

0.1%

Illinois, IL

4.000%

02/01/2018

0.1%

Puerto Rico Elec Pwr Auth

5.000%

07/01/2021

0.1%

City of International Falls MN

5.500%

04/01/2023

0.1%

Collier Cnty Indus Dev Auth, FL

5.250%

05/15/2022

0.1%

Luzerne Cnty, PA

3.800%

12/15/2017

0.1%

Chicago, IL

5.000%

12/01/2017

0.1%

New Hope Cultural Ed Fin Corp, TX

4.000%

01/01/2018

0.1%

Tarrant Cnty Cult Ed Facs Fin Corp, TX

3.875%

11/15/2020

0.1%

Washington St Hsg Fin Comm

4.375%

01/01/2021

0.1%

Chicago Brd of Ed

4.250%

12/01/2018

0.1%

Philadelphia Sch Dist, PA

4.000%

09/01/2017

0.0%

Dorm Auth of the St of New York

4.000%

11/01/2025

0.0%

Hartford, CT

4.000%

04/01/2019

0.0%

Illinois Fin Auth

5.375%

02/15/2025

0.0%

Ohio Wtr Dev Auth

3.750%

07/01/2033

0.0%

San Buenaventura - Comunity Memorial Health

8.000%

12/01/2026

0.0%

Alabama Indl Dev Auth

6.450%

12/01/2023

0.0%

Pennsylvania Econ Dev Fing Auth

5.000%

06/30/2021

0.0%

New Jersey Hlthcare Facs Fing Auth

6.000%

07/01/2026

0.0%

Adelanto Public Utility Auth

6.625%

07/01/2031

0.0%

Harris Cnty Cultural Ed Facs Fin Corp., TX

4.000%

01/01/2023

0.0%

Puerto Rico Aqueduct & Swr Auth

4.000%

07/01/2022

0.0%

Iowa Finance Auth - Iowa Fertilizer Co

5.500%

12/01/2022

0.0%

Puerto Rico Sales Tax Fincg Corp

5.000%

08/01/2022

0.0%

Middlesex Cnty Impt Auth

5.000%

01/01/2020

0.0%

Puerto Rico

5.500%

07/01/2017

0.0%

Moon Indus Dev Auth

5.000%

07/01/2020

0.0%

Puerto Rico

5.500%

07/01/2018

0.0%

Illinois Fin Auth

5.000%

02/15/2037

0.0%

Chicago, IL

5.000%

11/01/2020

0.0%

Ohio Air Qlty Dev Auth

3.750%

12/01/2023

0.0%

Illinois, IL

5.000%

01/01/2019

0.0%

SA Energy Acquisition Pub Fac Corp.

5.250%

08/01/2017

0.0%

Flint Hosp Bldg Auth

7.375%

07/01/2035

0.0%

Chicago Brd of Ed

5.000%

12/01/2017

0.0%

Beaver County Indus Dev Auth - FirstEnergy

4.000%

01/01/2035

0.0%

Jefferson Cnty, AL

4.750%

01/01/2025

0.0%

Puerto Rico Sales Tax Fincg Corp

5.500%

08/01/2023

0.0%

Massachusetts Port Auth

5.200%

01/01/2020

0.0%

Puerto Rico

3.875%

07/01/2019

0.0%

Tennessee Energy Acquisition Corp.

5.250%

09/01/2018

0.0%

Puerto Rico

5.250%

07/01/2022

0.0%

Puerto Rico Elec Pwr Auth

5.000%

07/01/2023

0.0%

Puerto Rico Elec Pwr Auth

5.000%

07/01/2018

0.0%

Puerto Rico Pub Bldgs Auth

5.500%

07/01/2023

0.0%

Cumberland Cnty Muni Auth, PA

5.000%

01/01/2020

0.0%

Puerto Rico Hwy & Transp Auth

5.250%

07/01/2019

0.0%

St. Louis Cnty MO Indl Dev

4.150%

08/15/2021

0.0%

California Statewide Comntys Dev Auth

5.750%

07/01/2025

0.0%

Puerto Rico Pub Bldgs Auth

5.500%

07/01/2019

0.0%

New Jersey Econ Dev Auth

5.750%

10/01/2021

0.0%

E-470 Pub Hwy Auth, CO

5.250%

09/01/2018

0.0%

Chicago Brd of Ed

5.000%

12/01/2017

0.0%

Puerto Rico Hwy & Transp Auth

5.500%

07/01/2024

0.0%

Dorm Auth of the St of New York

5.000%

09/01/2028

0.0%

Guam

5.000%

11/15/2023

0.0%

Dorm Auth of the St of New York

5.000%

09/01/2017

0.0%

US 2YR Treasury Future Sep 2017

0.000%

-

0.0%

US 10YR Treasury Future Sep 2007

-

-

0.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/25/2017

$0.273

Dividend Frequency

Monthly (Daily Accrual)

Record Date

Ex-Dividend Date

Reinvest & Payable Date

Dividend

Reinvest Price

Daily

Daily

08/31/2017

$0.03266

$15.33

Daily

Daily

07/31/2017

$0.03371

$15.21

Daily

Daily

06/30/2017

$0.03406

$15.15

Daily

Daily

05/31/2017

$0.03333

$15.16

Daily

Daily

04/30/2017

$0.03443

$15.08

Daily

Daily

03/31/2017

$0.03381

$14.99

Daily

Daily

02/28/2017

$0.03624

$14.97

Daily

Daily

01/31/2017

$0.03483

$14.92

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date

Ex-Dividend Date

Reinvest & Payable Date

Daily

Daily

09/30/2017

Daily

Daily

10/31/2017

Daily

Daily

11/30/2017

Daily

Daily

12/31/2017

Fees & Expenses

Fees & Expenses

Sales Charge Schedule
as of 09/25/2017

Sales Charge

Dealer's Concession

Prices at Breakpoint

Less than
$100,000

2.25%

2.00%

$15.65

$100,000
to $249,999

1.75%

1.50%

$15.57

$250,000
to $499,999

1.25%

1.00%

$15.49

$500,000
to $999,999

0.00%

1.00%

$15.30

$1,000,000
to $5,000,000

0.00%

1.00%

$15.30

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.

Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);

purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);

purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);

purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and

certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 08/31/2017

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2019. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

Coming Soon.......

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

3

The Fund’s Dividend Yield and 12-Month Dividend Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

5

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.

6

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

A taxable-equivalent yield is the return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. It does not take into account the effect of the alternative minimum tax (AMT) or any federal or state taxes. Tax-equivalent yield will vary based on an investor's tax bracket. Income from municipal bonds may be subject to the alternative minimum tax. Federal, state and local taxes may apply.

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. Diversification does not guarantee a profit or protect against loss in declining markets.

A Note about Risk: The Fund invests substantially in lower rated municipal bonds (commonly referred to as “below investment grade”, “high yield” or “junk bonds”). High-yield securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. The Fund concentrates on high yield municipal bonds with shorter maturities and durations, which carry heightened credit risk, liquidity risk and potential for default. In addition, because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. The Fund may invest in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. These factors can affect Fund performance. The fund performance history at this time is very limited; therefore, performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future. Past performance is no guarantee of future results.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Barclays 1-8 Year Municipal Bond index is the 1-8 year component of the Municipal Bond index. The Barclays Municipal Bond index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The Barclays 1-8 Year High Yield Municipal Bond index is the 1-8 year component of the High Yield Municipal Bond index. The Barclays High Yield Municipal Bond index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

Select funds to run a Morningstar Hypothetical Report.

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You are leaving the Lord Abbett U.S. investor website and entering a Lord Abbett website intended for non-U.S. investors. If you are an investor located in the U.S., then the following website is not directed at you and you should not proceed.

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You are leaving the Lord Abbett U.S. investor website and entering a Lord Abbett website intended for non-U.S. investors. If you are an investor located in the U.S., then the following website is not directed at you and you should not proceed.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Lord Abbett Funds. This and other important information is contained in the fund's summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, you can click here or contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388. Read the prospectus carefully before you invest or send money.

The information provided is not directed at any investor or category of investors and is provided solely as general information about Lord Abbett’s products and services and to otherwise provide general investment education. None of the information provided should be regarded as a suggestion to engage in or refrain from any investment-related course of action as neither Lord Abbett nor its affiliates are undertaking to provide impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity. If you are an individual retirement investor, contact your financial advisor or other fiduciary about whether any given investment idea, strategy, product or service may be appropriate for your circumstances.